THE Metropolitan Redevelopment Authority is putting two lots on the market at Perth’s City Link project.

The offering, a combined 8700sqm, is expected to attract high demand and price tags in the tens of millions.

MRA chief executive Kieran Kinsella said he could foresee retail development that could take up the first five floors of an office tower at the site.

While not ruling out any option a developer might take, Mr Kinsella said high-rise buildings with retail, office and residential tenancies would work well in the spaces.

“A building could be office accommodation and around the ground floor there would be a retail component,” he said.

“It may or may not have a residential tower in the middle of it.”

Developments on the larger 6500sqm space, fronting Roe Street and Yagan Square, can be up to 25 storeys.

On the smaller, 2200sqm Wellington Street-facing block, there could be a development of up to 30 storeys.

Mr Kinsella said the blocks offered a rare opportunity for investors and the City Link project, including Yagan Square, would transform the CBD.

An artist's impression of the Wellington Street lot for sale.Source:PerthNow

“More than $1 billion has been invested in the Perth City Link Project over the past five to 10 years, delivering Perth Arena, the new Perth busport, Yagan Square and a host of transport and public infrastructure upgrades,” he said.

“Yagan Square will become Perth’s premium public meeting place. It will be Perth’s equivalent of Federation Square in Melbourne.

“It is a one-in-50 if not 100-year opportunity — you won’t find many spaces like it.”

Yagan Square, flagged to open early next year after some initial delays, will house 22 new food and beverage tenants.

More than 15 West Australian small business owners are expanding their businesses into Yagan Square to bring a dynamic retail and dining experience to Perth’s CBD.

“Perth has grown in diversity, with a new business, residential and working population and exciting plans by both Government and the private sector to define the next wave of our city’s transformation,” Mr Kinsella said.

“These sites present unique opportunities to be part of that vision.”

Brisbane-based joint venture Cedar Pacific and Hong Kong’s Far East Consortium will develop student accommodation and retail space on four other lots at the City Link Project.

MRA is selling the two newly released lots via an expressions- of-interest campaign that closes in November.

Aaron Desange, of selling agent CBRE, said the sale of the sites was a “one-off opportunity for developers to secure large strategic land parcels in the core of the CBD”.

“This significance of these sites within the city will likely appeal to a large number of onshore and offshore developers,” he said.

“The pre-marketing campaign throughout Asia last week sparked interest from a number of groups that focus on the development of large-scale mixed-use projects.

“From initial discussions with parties it’s likely we will see a staged approach to the development and a combination of office, retail and residential uses.”